Never settle! Only compromise when it helps you achieve your goals! Never give up!

I'll keep this one brief today. It's another of my public service announcements. Today I'm talking about following up, be it on sales calls, pitches, partner acquisition, whatever. Use it as dating advice if you must. Yet, no matter what you do, remember that you always have to follow-up. Your competition will if you won't and then you are toast.

It's not rocket science but it's so often forgotten. I'll address it from my perspective as a VC but it works in so many other situations. If you come to pitch me, ask while you are here what next steps are. Don't ever leave a meeting without knowing what will happen next. Ask first but if you do not get a clear answer, go ahead and define it yourself. "Don't call us, we'll call you" is bullshit and you shouldn't buy it. Define a timeframe before even leaving the meeting as to when and how you'll follow up. For example, say "I'll give you a call in a week's time and let you know that we closed our million dollar deal!" It doesn't matter what you propose but make sure it's understood.

Now, after leaving the meeting and having understood what the follow-up entails, do it! You can't imagine how often people leave meetings with us and never call. Sure, we try to give feedback to everyone but sometimes things slip through the cracks. It's adamant that you pick up the slack and stay in touch. You may think you're annoying the person on the other end but we're all getting called non-stop. No one is sacred and unreachable. They are "working" and hence when you are doing your job calling them, you are not "imposing" on them. Get over your fear of rejection and call.

It may happen that when you follow-up, you're told to be patient and await next steps. Again, ask what they are. Always define things and never leave next steps open. As before, if something is not offered, do so yourself. Keep momentum up and try to keep intervals short. Sometimes you can't force decisions but you can stay in touch. User the phone, or email. Link up on Facebook or LinkedIn. Regardless of what...keep the "channel" open.

Finally, you will often hear "no"! Shit happens. You will fail and hopefully often. But don't give up so easily. A no isn't always a "no" but a "not yet". (Except for dating! But I'll leave that up to other bloggers!) Getting around a "no" means following up yet again. Even if you are not pushing a deal forward, use the fact that you've met with someone to maintain a relationship. Give them a call for an "update" if that gives you the opportunity to stay top of mind on their end. Propose a breakfast or lunch to catch up. Grab a coffee together at a conference you're both attending. It doesn't matter what, just stay on top of it. Don't wait too long for this either. People do forget and especially in my case as a VC, we're seeing so many companies and their business cases that at times you forgot whom you met two days ago. Imagine what we remember after two or three months of that which you pitched to us.

There are plenty of posts on how to follow up. Mark Suster has done some good ones on this. Go find them for yourself. If you want one take-away from this, it's simply always to be following up.

This is once again more of a public service announcement to help out those trying to "break" into a VC firm. I am not addressing principal, junior partner or partner level positions with this post. There is a completely different path to those positions. What I am addressing here are internships, analyst and maybe even investment manager positions.

First and foremost, find this post. Seriously, I mean it. You've already done half your homework by having done a google search to land here. It's not rocket science but there are little tips and tricks to help you land a job. Here's a list in no particular order:

1. Research the fund you are applying to: read their website, review their portfolio, find some press clippings on recent deals and research the partners via LinkedIn, Xing or whatever other social network gives you access to their backgrounds.

2. Know about two or three of their portfolio companies! You may get a question like "which of our portfolio companies do you find most interesting and why?"

3. Have some information on the industry. Read a bit of TechCrunch, Techmeme, VentureBeat and other blogs and news sources from the industry. Along these lines, you may be asked "what interesting deals have you seen recently and why do you find them interesting." Or someone might ask you specifically "what do you think of Groupon buying Citydeal. Was it a smart move to purchase a copycat to enter a geographic region?" Even if you don't know specifically about the companies, know a little bit about the industry.

4. Be prepared to talk about any experience you have that is relevant to the position. Hopefully you have experience which is relevant to working at a VC. You know how to use computers and have an affinity for the internet. You tend to be a "geek" and are into the newest trends, be it in regards to software, the mobile sector or finance. You actually have a Facebook or LinkedIn account. Better yet, you have a Twitter and Quora account.

5. Tell us WHY you decided to pursue an MBA if you are doing so. We don't really care THAT you are getting an MBA....it really isn't that impressive anyway. If you're in any way an arrogant prick simply because you think this gives you clout, you're sorely mistaken. We see rockstar entrepreneurs all the time. They are the ones who give us hard-ons because they represent "exits", "returns", and ultimately "carry". (Research these terms too!)

6. Be able to explain why you chose the schools where you received your undergraduate and/or graduate degrees. Just the pedigree of your school doesn't really impress us.

7. Don't tell us who your dad/uncle/grandpa is/were. The fact that you may be a trust-fund baby doesn't necessarily help you land a job with a VC firm. You are expected to work and not be an accessory to the fund. *

8. Find out who has worked for the firm in the past and call them. Get a reference from them on the firm and how the people there tick. This could be gold in terms of preparing for an interview.

9. Try to find pictures of the people you'll be interviewing with. This may seem like a minor point but if you show up in a three-piece suit and tie and the partner(s) interviewing are there in jeans and polo shirts you may stick out like a sore thumb......translation: no job.

10. Don't be super nervous. We do understand that it may be one of your first interviews but if you are clearly completely rattled by the process of interviewing, you probably won't fit in anyway. We expect you to do cold calls to companies, sit in on pitches and generally be a good communicator. You're most likely to be surrounded by alpha-males throughout the job, hence roll with the tide.

11. Know what you want to learn while working for the firm. You'll probably be asked "what do you want to learn while working here and how do you plan on using this knowledge in your future career?"

12. Do let the person interviewing you know if you have a network to other start-ups via your previous roles, school network or circle of friends. It's always great to be able to bring your own network into your position to help you get access to information. These can be bonus points if you're lacking elsewhere.

13. Remember that an internship at a VC can at times lead to another gig at one of their portfolio companies. If this is your thing, let the person interviewing know that you would want to pursue that path.

14. If you are just trying to work for a VC to "dabble" and see if you like it, don't overstress the fact. It tends to make your interviewer think you'll work less hard than if you wanted to make a long-term career of it.

15. Do realize that it's highly unlikely if not impossible after your internship or two to three years as an analyst that you'll be promoted up the career ladder. VC firms don't have the typical "up or out" policy. They have the "continue doing what you're doing or go elsewhere to be promoted" policy.

16. Be on time! Seriously, don't fuck the easiest part up!

17. Don't be a slob. Sport coat, nice slacks or unripped jeans and a button down shirt. Doesn't have to be a suit and tie. Look professional. Looking like Mark Zuckerberg only works for the entrepreneurs.

18. Be nice to the receptioniest. If she tells me you were a dick, you're screwed.

19. Relax! Trust me, the VC sitting across from you is working his ass off to make his portfolio work, try to raise another fund, spend quality time with his kids, keep his wife happy, trying to keep the investment manager about to quit on board and so forth. He's probably more of a wreck than you are. Remember this.....it'll help you stay calm.

20. Finally, if turned down for a position, remain gracious and thank them for taking the time to interview you. Act like a sore loser and you will be remembered. You meet everyone twice (and those you screwed multiple times thereafter) in life.

*OK, I'll be honest here. If your dad/uncle/grandpa put up a couple million for our next fund or buy one of our portfolio companies for a ton of cash, we'll most likely hire you. :-)

OK, hands up, who's truly surprised by the drop in the stock markets or the postponed tech IPO's or even the upcoming slowdown in venture financing? No really, who is surprised? If you said yes, stick your head back in the sand. It's all warm and cuddly there and if that's your thing, enjoy.

For the rest of you, let's get back to business. What is the reality now? Well, as many have written, if you are out fund-raising, I sure hope you're close to closing your round. It's about to get rough out there and I am not even alluding to valuations. You will be lucky to close your round. If you are thinking of jumping ship from one start-up to another, do your homework about how much cash they have in the bank. No matter how hot, you could quickly be staring at a pink slip when the money runs out and hype no longer sustains the easy money. If you're a VC and are out fund-raising, good f%&§ing luck. It's been hard to close those funds. It's going to get even harder. If you're a private investor in stocks, you better get ready for a financial beating unless you sold everything a couple weeks ago.

Nevertheless, I will stop right there. This is nothing new. I am seriously babbling like everyone else did in 2001, 2008 and now again in 2011. The world moves in cycles and we're again at an inflection point where things get worse before they get better. But better they will be!

My simple tips to start-ups in the current situation:

Talk to your VC's! Discuss costs and your run-rate and set clear time-lines for what you want to accomplish in the next 6 months, 12 months and 18 months. Further, figure out if your VC will have funds to do internal rounds if necessary.

Keep your employees happy. People are nervous right now and it may get worse. Allow your team to work without worrying non-stop about whether they'll have a job in 6 months. Otherwise they'll be distracted preparing Plan B in case it's necessary.

Start talking to those candidates you wanted but weren't able to get. As mentioned already, people will be nervous and if they see that their company is on shaky grounds, they may now be willing to jump over to your ship.

Likewise, start cutting dead-weight. If people aren't earning their keep, it's time to let them go or replace them.

Continue innovating! Nothing insures you against downturns better than amazing products. Stop just copying what your competitors are doing. Figure out something new and ship it!

Worry but don't become paralyzed by market developments. This has happened before and will happen again. No one knows exactly how long it will last. Maybe it's just a temporary blip. Maybe not! This is where leadership truly comes into play and you as management have to keep your game-face on.

Renegotiate contracts where possible. If you can cut costs by renegotiating rents, service provider fees and whatnot, take advantage. You may have leverage now where you did not six months ago.

Think about the pricing of your product. Just as you may be out renegotiating things, your customers and partners are thinking similarly. Be prepared to have these discussions and know where you can give in and where you cannot.

Continue building relationships with Tier 1 VC's. You may not need them now but if you do down the road, make sure they know who you are. It's essential to stay on their radar screens and not disappear in the flood of bad news coming out from the media.

Maintain the relationships you have with the press. They may be hungry for bad news now but good news also comes eventually and they want to be writing about it first. Make sure you are the one feeding them these positive stories.

Regardless of the markets, your best bet is to continue being awesome based on your products and not because of market hype. No one can predict anything 100%. I am somewhat more optimistic right now since VC's who do have funds still have a lot of money to invest. Even if things get worse, the situation always brings opportunities with it. I, for one, am happy to see a little wind taken out of the sails of hype. It was getting a bit ridiculous with the billion-dollar club which we saw evolve in the US. At the same time, especially in Germany, I am happy to see a bunch of really cool companies turning into international players. A younger generation of entrepreneurs have established themselves and continue to innovate. Just look at what's going on in Berlin. It's not the end of the world but the developments of the last couple of days were a slap in the face from reality.

You've heard the clichéd statement made a million times: "A players hire A players. B players hire C players!" I couldn't agree with this more but want to make a point that actually addresses a problem before hiring even starts. At times, simply avoiding a hire could be strategically more beneficial to your business than hiring someone not up to the task.

In the current market, hiring has become increasingly difficult. Especially when it comes to developers, you have to search long and hard for the right people. At management level, it's just as tough and when you consider that they are at a far higher price point, even more risky. Therefore, I stress thinking twice about each and every hire. Do your homework and really diligence the people you put on your team. Put them through assessment tests or at least do a ton of reference calls on them. Most importantly, don't ever decide to hire someone based on the fact that you have no better option. If your gut tells you someone will be a bad fit, listen to it and wait. It is never better to hire someone just because you've invested time, money or whatnot.

Poor hires can and will do damage. They will at best simply not perform. At worst, they will demotivate your team, lose you customers, piss off your partners and so forth. If it's management, they may drive away your best employees which compounds the hiring problem. Headhunters, your investors or your co-founders may be pushing you to take the person available, telling you all the while that it's better to have someone than to delay the process any further. Don't believe it.

Think first why you can't get the best people to join your team and address that first. It is so common that the best "A players" simply see you and your team as "B players". Or, maybe you're just not offering enough salary. You want to remain prudent about costs but in the current market situation, you simply have to pay up at times. Maybe your investors aren't helping enough. If you feel they'll help close better hires, involve them in the process. If they are hindering you, get them the hell out of the process. Ultimately, not getting the best people falls back on you and it's not the fault of candidates, headhunters, etc. Worry about that and invest your time in excelling in hiring (read this and this). BUT, I stress again, never hire anyone just because you're tired of working on the process and want to "get it over with!"